In Deposit Accounts

PNB offers nomination facility in deposit accounts, locker facility, safe custody etc.  In an  unfortunate event of the death of a depositor , nomination enables the bank to :

	make payment to the nominee of a deceased depositor, of the amount standing to the credit of the depositor,
	return to the nominee, the articles left by a deceased person in the bank's safe custody,
	release to the nominee of the hirer, the contents of a safety locker, in the event of the death of the hirer.

Thus, in the event of death of the holder of a deposit account, a customer who has kept articles in safe custody with the bank, or the hirer of a safety locker, the nomination facility enables the bank to release to the nominee, the deposit amount, or the articles left in safe custody or held in safety lockers, as the case may be, without insistence on a succession certificate or probate of the will from the legal heirs of the deceased account holder/customer.

Salient Features of the Nomination Facility

Deposit Accounts:

	Nomination facility is available to account holders operating Current Accounts, Savings Bank Accounts, and all types of term deposit accounts.
	Nomination can be made in favour of one person only.
	Nomination favouring the minor is permitted on the condition that the account holder, while making the nomination, appoints another individual not being a minor, to receive the amount of the deposit on behalf of the nominee in the event of the death of the depositor during the minority of the nominee.
	Nomination can be made only in respect of a deposit which is held in the individual capacity of the depositor and not in any representative capacity such as the holder of an office like Director of a Company, Secretary of an Association, partner of a firm, Karta of an HUF. and the like.
	In the case of a deposit made in the name of a minor, nomination shall be made by a person lawfully entitled to act on behalf of the minor.
	A nomination will continue to be in force even on renewal of a term deposit, unless specifically cancelled or changed.

Who can Nominate?

	Bank account holders having deposit accounts in their individual names or, in joint names of two or more  individuals.
	A person lawfully entitled to act on behalf of the minor in respect of a deposit  account.

How to Nominate?

Specific forms are provided for availing of nomination facility. The account holder/customer will have to fill in the relevant form. The bank will acknowledge in writing to the concerned account holder/customer, the receipt of the nomination form and the nomination will be registered in the books of the bank.

Cancellation of, Variation in, Nomination

Cancellation of, or variation in, the nomination can be made at any time as long as the account is in force. While making nomination, cancellation or variation, witness is required and the request should be signed by all account holders.

When the Nominee Makes a Claim

In order to ensure that the deposits/articles, are handed over to the genuine nominee, the bank will insist on

   Proof of death of depositor:
     A death certificate or any other satisfactory mode of proof of death acceptable to the bank, will      have to be furnished.

   Identity of the nominee:
     A claim format establishing the claim of the nominee duly certified by
       i)  a Magistrate or Judicial Official or
      ii)  an Officer of the Central or State Government or
      iii) an Officer of a bank or
      iv) two persons acceptable to the bank who will act reference.

Customers (new as well as existing) are advised to avail nomination facility, if they have not availed so far.